Signing of the Memorandum of Understanding between the Islamic Corporation for the Development of the Private Sector (ICD) and Joint-Stock Commercial Bank Turonbank, Uzbekistan

The Shari’ah compliant Line of Financing facility will be utilised by Turonbank to provide financial support to private sector, including Small and Medium Enterprises (SME) in Uzbekistan through Islamic modes of financing

This Line of financing is a first Shariah compliant Line facility for Turonbank, which will enable the Bank to offer Shariah compliant products along with other banking services

JEDDAH, Kingdom of Saudi Arabia, September 25, 2018/APO Group/ --

On behalf of the Acting CEO and General Manager of the Islamic Corporation for the Development of the Private sector (ICD) (www.ICD-ps.org), Mr. Najmul Hassan and the Chairman of the Management Board of the Joint-Stock Commercial Bank Turonbank (Turonbank), Mr. Mirzaev Chori signed a Memorandum of Understanding on exploring the possibility of financing the private sector enterprises in Uzbekistan under a proposed Shariah Compliant Line of Financing Facility during the Islamic Development Bank Groups day event in Tashkent, Uzbekistan.

The Shari’ah compliant Line of Financing facility will be utilised by Turonbank to provide financial support to private sector, including Small and Medium Enterprises (SME) in Uzbekistan through Islamic modes of financing.

This Line of financing is a first Shariah compliant Line facility for Turonbank, which will enable the Bank to offer Shariah compliant products along with other banking services.

Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).

About the Islamic Corporation for the Development of the Private Sector:

ICD (www.ICD-ps.org) is a multilateral organization and a member of the Islamic Development Bank (IDB) Group. The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments which are in accordance with the principles of Shari’ah. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. ICD is rated AA/F1+ by Fitch and Aa3/P1 by Moody’s. For more information visit www.ICD-ps.org

About Turonbank:

Joint-Stock Commercial Bank "Turonbank" (www.Turonbank.uz), incorporated in 1990 under the license from the Central Bank of the Republic of Uzbekistan No. 8 to conduct banking operations and headquartered in Tashkent, the capital of the Republic of Uzbekistan. Today, the bank provides financial services in 18 branches with the number of employees of 1,258 persons in Uzbekistan.

The mission of the Bank is; to satisfy the needs of each client in banking services throughout the territory of Uzbekistan; to contribute to the sustainable functioning of the country's banking system; to contribute to the development of the country's economy.

Signing of the Memorandum of Understanding between the Islamic Corporation for the Development of the Private Sector (ICD) and Joint-Stock Commercial Bank Turonbank, Uzbekistan
The Shari’ah compliant Line of Financing facility will be utilised by Turonbank to provide financial support to private sector, including Small and Medium Enterprises (SME) in Uzbekistan through Islamic modes of financing
JEDDAH, Kingdom of Saudi Arabia, September 25, 2018/APO Group/ --
On behalf of the Acting CEO and General Manager of the Islamic Corporation for the Development of the Private sector (ICD) (www.ICD-ps.org), Mr. Najmul Hassan and the Chairman of the Management Board of the Joint-Stock Commercial Bank Turonbank (Turonbank), Mr. Mirzaev Chori signed a Memorandum of Understanding on exploring the possibility of financing the private sector enterprises in Uzbekistan under a proposed Shariah Compliant Line of Financing Facility during the Islamic Development Bank Groups day event in Tashkent, Uzbekistan.
The Shari’ah compliant Line of Financing facility will be utilised by Turonbank to provide financial support to private sector, including Small and Medium Enterprises (SME) in Uzbekistan through Islamic modes of financing.
This Line of financing is a first Shariah compliant Line facility for Turonbank, which will enable the Bank to offer Shariah compliant products along with other banking services.
Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).

About the Islamic Corporation for the Development of the Private Sector:

ICD (www.ICD-ps.org) is a multilateral organization and a member of the Islamic Development Bank (IDB) Group. The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments which are in accordance with the principles of Shari’ah. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. ICD is rated AA/F1+ by Fitch and Aa3/P1 by Moody’s. For more information visit www.ICD-ps.org

About Turonbank:

Joint-Stock Commercial Bank "Turonbank" (www.Turonbank.uz), incorporated in 1990 under the license from the Central Bank of the Republic of Uzbekistan No. 8 to conduct banking operations and headquartered in Tashkent, the capital of the Republic of Uzbekistan. Today, the bank provides financial services in 18 branches with the number of employees of 1,258 persons in Uzbekistan.

The mission of the Bank is; to satisfy the needs of each client in banking services throughout the territory of Uzbekistan; to contribute to the sustainable functioning of the country's banking system; to contribute to the development of the country's economy.